GOODYEAR TIRE & RUBBER CO /OH/

Goodyear Tire & Rubber Company reported its third quarter 2026 results, showing sequential earnings improvement but continued market challenges. Net sales decreased 2.3% year-over-year to $4.5 billion, though organic sales increased 1.6%. The company reported a net loss of $238 million, an improvement from the prior year's loss of $2.2 billion, but adjusted net loss was $31 million compared to adjusted net income in the prior year. Segment operating income declined to $174 million. Goodyear has established a dedicated transformation office to drive structural changes and improve cash generation.

The Goodyear Tire & Rubber Company announced a significant leadership change with Jerome J. Rouquet set to become the new Executive Vice President and Chief Financial Officer starting December 1, 2026. He will succeed Scott M. Deakin, who will continue in an interim capacity until November 30, 2026. Rouquet's compensation package includes a $900,000 base salary, a $900,000 target annual incentive, and substantial long-term incentives totaling $3,200,000, along with significant one-time cash and equity awards. He will also join the company's executive severance and benefit plans.

Goodyear Tire & Rubber Co. reported a net loss of $204M for the second quarter of 2026, a significant decline from a net income of $254M in the prior year period. Net sales for the quarter also decreased to $4.25B from $4.465B. For the first six months of 2026, the company recorded a net loss of $453M, compared to a net income of $399M in the first half of 2025. The company continued its rationalization efforts, incurring $133M in charges for the six months, and received $42M in tariff refunds.

Goodyear reported a net loss of $204 million for the second quarter of 2026, with net sales decreasing 4.8% to $4.3 billion. The company announced the planned closure of its Fayetteville, North Carolina facility, a key part of its manufacturing footprint optimization, expected to generate approximately $270 million in annual savings by 2028. While overall results were down, the company noted improving market stability, strong performance in Asia Pacific, and $95 million in benefits from its Goodyear Forward program.

Goodyear Tire & Rubber Company has reached an agreement to permanently close its Fayetteville, North Carolina manufacturing facility by the end of 2027, resulting in approximately 1,750 job reductions. The company estimates total pre-tax charges associated with this action to be between $535 million and $565 million, with $190 million to $210 million being cash charges. This restructuring is expected to improve the Americas segment operating income by approximately $90 million in 2027 and $270 million annually from 2028 onwards.

Goodyear Tire & Rubber Company announced that Christina L. Zamarro will step down as Executive Vice President and Chief Financial Officer, effective June 30, 2026, to pursue another opportunity. Her departure is not related to the company's financial performance or any disagreements. Scott M. Deakin has been appointed as Interim Executive Vice President and CFO, effective July 1, 2026, while the company conducts a search for a permanent successor. Mr. Deakin brings over 25 years of financial and operational experience, including his recent role as CFO at Gypsum Management & Supply, Inc.

Goodyear announced the pricing of $1.05 billion aggregate principal amount of 8.875% Senior Notes due 2032. The offering is expected to close on June 4, 2026. The company intends to use the net proceeds primarily to repay its outstanding 4.875% Senior Notes due 2027 and 7.625% Senior Notes due 2027, with any remainder for general corporate purposes.

Goodyear reported a net loss of $249 million, or $0.86 per share, for the first quarter of 2026, a significant decline from a net income of $115 million in the prior year. Net sales decreased by 8.7% to $3.88 billion. The company initiated new rationalization plans in EMEA, global SAG, and Americas, expecting total charges of approximately $123-$133 million. Additionally, Goodyear expects a $60 million refund from IEEPA tariffs and is challenging an IRS proposed adjustment of $1.5 billion related to an intercompany IP sale.

Goodyear Tire & Rubber Company announced its first quarter 2026 results, reporting a net loss of $249 million, or $0.86 per share, on net sales of $3.9 billion. This compares to a net income of $115 million in the prior year. The company's adjusted net loss was $112 million, or $0.39 per share, reflecting a challenging environment with weak consumer industry demand and higher raw material costs. Despite these headwinds, the Goodyear Forward program delivered $107 million in benefits, and results in EMEA and Asia Pacific strengthened.